I have just finished a series called Getting Started In Self Storage.

Over the years, I have worked with a lot of people supporting them in getting in this fantastic business of self storage. Everyone I have worked with, I have gone into details about what was in that series.

With some people, I have had to focus harder on one aspect or another depending on their strengths. But in essence, everyone I work with learns all I know between three and six months. Not that I am the end-all of self storage knowledge, but I do know how to get in and grow a self storage business.

What I intellectually knew, but didn’t realize until I worked with so many people, is that the knowing what to does not determine the level of success someone will achieve.

In essence, everyone I work with knows the same things. When I finish working one-on-one with someone, they know how to find deals, analyze deals, what their ownership-strategy is, where they need help in filling the acquisition, financial, and operational gaps that we all have, etc.

I feel to get in or to grow your self storage business today; you have to know this stuff. At least it is the way I have done it, and the people I have worked with who are in the business have done it (I am not so arrogant to think there is no other way).

But knowing this guarantees nothing.

How well you can analyze guarantees nothing. 

Perhaps all the technical knowledge accounts for at the most 20% of what it takes to be successful.

Especially today, when it is challenging to find any deals that work, and many submarkets are overbuilt. 

Mindset.

So what is the other 80%?

In my opinion, it is a person’s mindset. Or more accurately, what is someone’s fundamental world views and how they relate to them, and as well as how does someone handle adversity and obstacles.

More specifically, in today’s world, I think the following account for most of what I am calling the 80%:

1. “Can Do It” Mindset.
   1. A mindset, or more accurately put, a deep internal belief that if someone else can do something, I can too.
2. “I Don’t have to Know Everything At This Moment to Act” Mindset.
   1. This goes hand and hand with number 1 above, but I have seen people with this mindset and not number one.
   2. A belief and knowing that you can take action now knowing you will know what you need to know when you need to know it, but something is required at this moment. Without this, most people never get their business off the ground.
3. “Problems And Obstacles Are Part of The Process” Mindset.
   1. Most of us have an underlying belief taught by the world that “In life, if I am doing things right, there should be no problems.” This is not true. In life and business, there are problems. Try creating new, bigger problems, worthy of giving the next decade of your life to as you get in the self storage business.
4. “Leaders Inspire” mindset.
   1. It does not matter how big, or small your business is or is going to be; you can’t do it alone. You are going to have to sell and motivate vendors, partners, and employees to take actions you know are necessary. This is what leaders do — the most effective way to inspire action.
   2.  Inspired action taken by you motivate vendors, partners, and employees looks like them wanting to take action because they are excited, motivated, and want to participate in the future and vision you are creating.
5. “Ability To Take Action When There Is Fear” mindset.
   1. I saved this for last because this is perhaps the hardest internal obstacle and way of being to recognize and claim. None of us wants to own being stopped by fear, but if you are going to be in business for yourself, you have got to be able to address the fears that arise.
   2. It is critical to know when it’s fear that’s stopping us or something else. Mostly we tell ourselves it is something else. The majority of the time, it is fear. I will show you what I do to address the fear that I must constantly work through.

Of all that I do, the most rewarding is when I get to work with someone who goes through all it takes, and closes on their first self storage facility.

It is not that everything is handled at that moment. Their growth must continue. But I know that if they have moved through what they have to do to get to this point, then they have what it takes to make a success out of this fantastic business and experience the fulfillment and freedom this business can and will offer.

I was working with two firefighters who had owned some rental properties, but wanted to set themselves up for retirement and be able to retire earlier perhaps. Their line of work is dangerous and risky and becoming more so because of the toxic environments they are exposed to as they fight fires with yesterday’s and even today’s building materials producing toxic smoke.

They overcame their fears of not knowing everything about self storage, believing they had what it takes to learn what they needed to know when they needed to know it. It was inspiring to watch them.

Even after they closed, there were still issues to move through as they repositioned the project. They had to succeed. For them, it felt like everything was on the line.

Last time I talked with them, they were looking for their next facility.

When someone I am working with is able to leave their job and run their own self storage business, and this was a goal of theirs from our first conversation… there is nothing more fulfilling than that.

They had to, to some degree, develop the mindsets above in areas where they were weak.

Conclusion and Next Steps

The good news is we don’t have to be perfect. We never will.

In my opinion, the best and most challenging aspect of being an entrepreneur is to live a self-reflective life.

I feel we must have the ability to analyze ourselves honestly, see our weaknesses, and either develop in those areas, or know someone else must be involved in those areas.

If we want a larger life, we must become a larger person.

I spend as much time investing in myself and becoming a better version of myself as I do investing in my professional development (perhaps that says how much further I have to develop than the average person).

We will dive into these mindsets over the next few weeks. My goal is to leave you with actionable ways to use this year to support you in becoming a better version of who you already are so you can get in and grow in this fantastic business of self storage.

Again, in my opinion, this accounts for 80% or more of what it takes to be successful. Knowing what to do and how to do it is the bobby prize.

It’s not even the money that this business can bring us.

It is who we get to be and how life occurs. That is the real prize that getting in and growing our self storage business can offer us.